After the adult-use policy of Cannabis was brought by state the government. It has generated nearly $8 billion in tax revenue. In 2014 Washington brought the adult-use policy for marijuana which.
Washington alone generated more than $2.6 billion in revenue from the sales of Cannabis-related products. Since then many states started legalizing Cannabis through Adult use policy which has generated more than $7.9 billion in revenue for the state government alone.
The second-largest state by Cannabis consumer in California. California collects more than $2 billion from the sale of Cannabis in the state. The state brought an adult use policy of marijuana in 2018. Since then it has saw increased revenue from the sale of marijuana.
Colorado is the third largest state by a large number of Cannabis Consumer. The state alone collects more than $1.5 billion from the sale of cannabis-related products. Colorado brought Adult Use policy in 2014 along with Washington. Since then, it has seen increased revue from Cannabis sales.
Oregon is another state which collects a huge amount of tax from the sale of Cannabis products. The state alone collects more than $500 million of tax from Cannabis. Oregon legalizes the sale of Marijuana in 2016 since then it has garnered more than $540 million from tax.
Nevada is also among the largest state that makes huge revenue from the sale of Cannabis. It collects somewhere around $374 million as tax revenue from the sale of Cannabis. The state has brought adult use policy in 2017. In the first 3 months of 2020, the state has seen a huge increase in tax revenue as compared to the previous year.
Illinois is another news state that collects more than $174.9 million from the sale of cannabis. The surprising thing is that the state has legalized the sale of Cannabis in 2020. In the first year, the state has collected more than $170 million as tax revenue. Besides this, in this current year, it has already collected $120 million.
Massachusetts is another state that brought adult use policy in 2018 and since then the state has seen a huge growth in tax revenue. Till now the state has collected more than $260 million in tax revenue. Besides this, the state has already collected $64 million in 2021 as tax revenue from the sale of cannabis.
Which state is legalizing Cannabis this year
The above article shows that the sales revenue of Cannabis products is increasing rate. Every day numbers of consumers are increasing so do tax revenue. Apart from this many states are on the way to legalize Cannabis very soon. New Mexico, New Jersey, Montana and so on.